The rise of PPI complaints.
For individuals who have a bank loan in the UK, mis-sellings on these claims have led to an enormous amount of PPI complaints being filed by consumers against their lenders. Individuals were being mis-sold on PPI insurance by banks, leading to 1,000s of pounds being charged of them on their insurance premium, and in some cases, consumers were not even aware of these charges.
The FOS and FSA have reported that PPI complaints are at an all time high, especially after the judicial hearing held earlier in 2011 where the higher court ordered banks to repay consumers on all mis-sellings on PPI insurance. The FOS reported that it has been getting 1000s of claims on a weekly basis from consumers who have not heard back from lenders on their complaints.
Banks were given extensions to pay consumers back on these claims, since they were put on hold for the hearings and proceedings.
Banks have been given 16 weeks, rather than the regular 8 week period to repay consumers on these claims, due to the sheer volume of claims coming in. Whether you have filed a claim already or not, if you were mis-sold on a PPI insurance policy file your PPI complaints today.
